Short Interest in Merrimack Pharmaceuticals Inc. (MACK) Decreases By 3.3%
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) was the recipient of a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 40,457,419 shares, a decrease of 3.3% from the October 31st total of 41,823,898 shares. Based on an average daily trading volume, of 4,281,949 shares, the days-to-cover ratio is currently 9.4 days. Currently, 33.2% of the company’s shares are short sold.
A number of large investors have recently modified their holdings of MACK. FMR LLC raised its stake in shares of Merrimack Pharmaceuticals by 10.1% in the second quarter. FMR LLC now owns 19,158,769 shares of the biopharmaceutical company’s stock worth $103,265,000 after buying an additional 1,749,684 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Merrimack Pharmaceuticals by 10.4% in the second quarter. Vanguard Group Inc. now owns 10,196,415 shares of the biopharmaceutical company’s stock worth $54,958,000 after buying an additional 958,188 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in shares of Merrimack Pharmaceuticals by 11.7% in the second quarter. Westfield Capital Management Co. LP now owns 9,074,557 shares of the biopharmaceutical company’s stock worth $48,912,000 after buying an additional 947,535 shares in the last quarter. BlackRock Fund Advisors raised its stake in shares of Merrimack Pharmaceuticals by 10.5% in the third quarter. BlackRock Fund Advisors now owns 6,226,723 shares of the biopharmaceutical company’s stock worth $39,540,000 after buying an additional 591,021 shares in the last quarter. Finally, Consonance Capital Management LP purchased a new stake in shares of Merrimack Pharmaceuticals during the third quarter worth $37,784,000. Institutional investors and hedge funds own 73.57% of the company’s stock.
Several equities analysts have weighed in on the company. Vetr raised Merrimack Pharmaceuticals from a “strong sell” rating to a “strong-buy” rating and set a $10.86 target price on the stock in a research note on Tuesday. JPMorgan Chase & Co. reissued a “hold” rating and issued a $7.00 target price on shares of Merrimack Pharmaceuticals in a research note on Thursday, November 10th. BTIG Research reissued a “neutral” rating on shares of Merrimack Pharmaceuticals in a research note on Thursday, November 10th. Finally, Zacks Investment Research raised Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a research note on Wednesday, October 19th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Merrimack Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $10.19.
Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 5.51 on Thursday. The company’s market capitalization is $714.18 million. Merrimack Pharmaceuticals has a one year low of $4.39 and a one year high of $9.63. The firm has a 50 day moving average price of $5.61 and a 200 day moving average price of $5.65.
Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its quarterly earnings data on Wednesday, November 9th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. The firm had revenue of $28.07 million for the quarter, compared to the consensus estimate of $41 million. The company’s revenue was up 71.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.38) EPS. On average, equities research analysts predict that Merrimack Pharmaceuticals will post ($1.05) EPS for the current fiscal year.
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About Merrimack Pharmaceuticals
Merrimack Pharmaceuticals, Inc is a biopharmaceutical company. The Company is engaged in discovering, developing and commercializing medicines consisting of therapeutics paired with companion diagnostics for the treatment of cancer. Its therapeutic oncology candidates in clinical development include MM-398, MM-302, MM-121, MM-141 and MM-151.
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